Rye Town Council adopts $7.48M 2024 budget
December 21, 2023 at 12:40 a.m.
The Rye Town Council is ready to head into 2024 with a fiscal plan.
Since the tentative 2024 budget was presented to the Rye Town Council at their November meeting, two public hearings were held which no one attended to provide input. Thus, immediately following the second hearing on Thursday, Dec. 14, the cohort unanimously adopted a $7.5 million spending plan that will guide the municipality through the next 12 months.
The budget represents a 3.6% increase compared to 2023’s $7.24 million spending plan, though the tax levy is only slated to hike 2.7%—staying within the bounds of the 3% tax levy cap.
With a $100,000 increase, the tax levy will total $3.8 million in 2024. The administration projects the average Rye Town resident tax bill will jump between $6, if you live in Port Chester, and $11 for Rye Brook residents, respectively averaging around $250 and $395.
Aside from the tax levy, the Town anticipates garnering $7 million in revenue through around $875,000 in mortgage taxes, $321,500 in state aid and, significantly, $350,000 in interest earnings—a 1,300% increase compared to 2023. The administration is prepared to use $320,000 from the fund balance to fill the gap between predicted revenues and expenditures.
Spending compared to the 2023 year is expected to remain relatively stagnant, with minor increases slated for personal services, employee benefits and debt service.
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